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the fiscal cliff, lawmakers are pointing fingers and playing the blame game. >> mario monti is saying he's available to lead italy. he'll run for office in the upcoming election, but only for a party willing to push his agenda. >>> but he has competition in the form of sylvia berlusconi. he tells cnbc he feels a responsibility to run. >> feel the need to return to the political arena to prevent the country from being delivered into the hands of a leftist party. >> and the crowds are out, the stores are ringing up those sales, but u.s. shoppers may be running low on holiday spirit. and analysts say that they're spending less, as well. hi, everybody. welcome. merry christmas out there. thank you for joining us here on the show. what we're looking at today, we've got slightly quiet markets ahead of the u.s. open. what we're seeing, though, that all the markets are being called lower across the board stateside. the dow is being called a bit lower, nasdaq is being called a bit lower and the s&p 500 being called down by a bybit, as well. we saw markets coming off on friday stateside. pretty si
% loss. >>> and prime minister mario monti and sylvia berlusconi escalate. >>> hsbc agrees to pay a record $1.9 billion fine over money laundering charges. >>> and one lawmaker offers an olive branch to the white house regarding the fiscal cliff. >>> gains for most european stocks yesterday outside of italy. and we sort of continued that trend today. the xetra dax just about on its 52-week high. the cac 40 hit a 52-week high yesterday. the xetra dax up around .the %. yesterday, we saw a real back up in yields at the ten-year level sustained for italy. really across the curve. today, we're seeing a bit of a rebound in place. yield falling 5.55%. italy, down to 4.8%, just about. bund yield is moving a little higher. pretty much a mirror image of what we were looking at yesterday, ross. >> tourism in the region has declined, but how badly has the travel sector been hit? the value of tourism as an industry still represents 5% of gdp. but european market share continues to fall off in the last decade, for more, we have the ceo of the european travel commission joining us. why have we s
are particularly hard hit on the back of political uncertainty based on mario monti's departure. he's given no indication of his intention to run. monti's predecessor has announced his intention to return to office. sylvia berlusconi said over the weekend he'll seek a fifth term as italian premier. carolin, what is the latest there? >> well, just want to come back to the gdp figures. yes, they were in line with expectations and the european commission currently expects contraction to the tune of 2.3% for 2012 and they do expect to continued contraction of around 0.5% for next year. however, s&p warned last friday that if the recession is more protracted than expected, there is a risk that s&p will downgrade italy's credit rating. whether that will make a difference and have an impact on yields, that's a completely different story. but s&p also great timing said there is uncertainty over whether the next government will stick to the tough austerity drive. but that's exactly what the investors were worried about today and whether or not you'll see the sell-off in italian assets. are their fea
. this comes after italy sold short-term paper and mario monti announced his discussion to step down. today's auction will see italy settle its funding targets for the year. sylvia berlusconi appears to be endorsing mario monti. speaking at a press conference in rome, he said he would give up his ambitions to run if monti ran as the central coalition. he then went on to say he still plan toes run for office. he also said bond spreads were a, quote, hoke, that the euro was not a true currency since there was no central bank willing to print money like they do in japan. >>> meanwhile, moody's says that the political turmoil in italy will have little impact on the country aes sovereign debt rating. our next guest disagrees and says he sees repricing of debt in italy. he's sylvia peruso. why are you concerned about moody's taking action here in italy? >> good morning. i think italy has a number of big challenges next year. as you can see, the market remains extremely sensitive to the fluid political landscape at the moment. but most people see it as a significant growth challenge with which the
that is strangling us. >> reporter: many would argue it's the right time for mario monty to leave the political scene. would you agree? >> translator: he needs to disappear. he was, as the americans say, a bluff, a bubble, a bankruptcy curator. our country went bankrupt last year. half of the debt was in french and german banks. had we gone bankrupt last year, europe would have ended. so they sent in monty to manage the situation in order for the german and french banks to get their money back. the ucb printed out -- ecb print out money used to help our banks but do not use it to finance our businesses. they give it to them buy to see buy back their debt to help french and german banks. that was monty's work. and in the meantime, our debt went up. >> reporter: and by the way, the five-star movement is number two in the polls. but he's not really a politician. he is a comedian. not kidding. he actually is a comedian. we also managed to catch up with the politician who's more serious about becoming the next prime minister, who has 30% of the votes in the latest polls, his name is mr. bercani. you know
of the other news we're getting out of that meeting, mario monti made a surprise appearance that we'll talk about as soon as silvia comes back. in particular, let's shift to asia and head to key elections. think in the most recent manufa worsening, meanwhile, opinion polls have been very consistent about which party is likely to become japan's next ruling party. kaori enjoji has more for this. >> japanese prime minister yoshi hikonoda is trying to keep his party in power just days before the election. it could pave the way for the return of the liberal democratic party of japan. >> japan is going to have another election due next year. and what abbe is perhaps going to do is to use the government machine as much as possible in order for the budget to be increased to sustain some of the public works because there is another critical juncture coming up because the japanese government is going to have to raise the tax rate for consumption tax. >> japanese economy is now in recession. and this is the third time sips the leaning crisis. the budget deficit is now five times larger than it was in
the pressure on mario monti to run for a second term. the freedom rights party said monti should believe in the rights of moderates in order to prevent the center left from taking power next year the polls show 44% of the run would be positive compared to 50% who thought it would be a bad thing. now, the 76-year-old berlusconi has announced an engagement to his 27-year-old girlfriend live on italian television. the billionaire revealed that he finally felt, quote, less lonely thanks to his relationship. it will be mr. berlusconi's third marriage provided he can reach divorce arrangements from his current wife. >>> now as investors prepared to head home for the long christmas holiday, we're taking a look at what is in store. a slow grind to recession, that man is david evans, chief financial economist at jeffries. thanks for joining us. when do we come out of recession in europe? >> the uk at the moment is showing clear signs of recovery. i think if we can through the first quarter of nkts year, it all will be recovering. i don't care expect this to be a real turn until the second half. a
for him to stay on, prime minister mario monti has said once the budget is passed, he will resign. 61% of italians are against him running for a second turn. meanwhile, sylvia berlusconi promised yesterday if he's voted back in, he'll reverse some of monti's policies. >>> in tokyo, the newly elected prime minister is meeting with the head of the central bank. also, we'll head out to frankfurt where do you have ya mark may have dodged another bullet. >>> then it's over to hong kong. aig sells its remaining stake in aia and formally ends a partnership dating back 100 years. all of that straight ahead. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express ecember 22nd for christmas delivery. >>> the latest numbers out of china, in the first 11 months, foreign investments led. investment from the u.s. did pick up. . on the equity front, the shanghai composite has been powering ahead up over 9% just this month. with external factors im
. the italian elections, that is. today something indications. italy's prime minister, mario monti, has postponed his end of the year press conference. dow jones reporting that delay may signal a possible delay in the budget vote. now this budget vote, of course, being the key hurdle he wanted to get through before resigning. he announced his intention to resign in the last couple of days. that clearing the way for a potential return to politics of silvio berlusconi. again, not clear exactly why the post there has -- there's been a postponement of the end of the year press conference. that is the case as we are learning this morning. >>> moving on to shares in ubs which are at the top of the smi in zurich after the bank announced a settlement with u.s., u.k., and swiss regulators over its role in the libor fixing scandal. ubs will pay a total fine of $1.5 billion after admitting to manipulating the rate. as well as pleading guilty to charges of fraud and bribing brokers. the swiss bank says the fine will lead to a greater than expected fourth quarter loss. but that it will not need to r
Search Results 0 to 8 of about 9

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